GLM- Business Accounting Strategy Consulting
Connect with us
  • Home
  • Accounting & Bookkeeping
    • Bookkeeping
  • Tax
  • About
    • Consulting >
      • Strategic Succession Planning
      • Strategic Business Planning
    • Staff Accountant Needed
  • Contact
    • Send us a Referral
    • Networking Calendar
  • Blog & Podcast
  • Social Responsibility

Complete Guide to Selling a Business

4/26/2021

0 Comments

 
The most frequent reason given by owners of a privately owned company for considering a sale includes a combination of the following:
  • Retirement
  • Health Reasons
  • Partnership Disputes
  • Divorce
  • Loss of Key Customers or Suppliers
  • Other Business Interests
However, starting a sale exercise is not something your business, irrespective of size, should undertake lightly, and every effort should be made to manage the sale process professionally, and to prepare, or ‘groom’ the business so to facilitate a successful outcome.

This guide has been prepared, based on our proven knowledge and practical experience, to guide owners through the complex phases involved in a business sale. While the content within this guide is comprehensive, we have also presented in a user-friendly style. We believe that this guide can play a significant role in helping business owners like you, deal with the critical issues that will come about during the business sale process.

​Should you have any questions after reading this guide we would be more than pleased to discuss these with you. You will find our contact details at the end of the guide and we look forward to hearing from you!
 
Tom Gosche 
Business Strategist
tomg@goglm.com
630-675-8971
complete_guide_to_selling_a_business.pdf
File Size: 320 kb
File Type: pdf
Download File

0 Comments

Accounting Terms- Expense and Costs

4/19/2021

0 Comments

 
​Cost of goods sold: The cost of products sold; may also be referred to as cost of merchandise sold or cost of sales.

Goods available for sale: Includes all items that have been transformed from raw materials to finished goods.

Gross profit: (Sales - the cost of merchandise sold)

Gross Profit Percentage: (Gross profit / sales)

Operating income: (Gross profit – operating expenses)

Net Income: (Revenues – expenses)

Selling expenses: Costs directly related to the selling of a product or service. A category in the income sheet under operating expenses before administrative expenses.

Administrative/general expenses: Expenses incurred in the administration or general operations of the business; costs not directly related to selling, such as officer salaries. A category in the income sheet under operating expenses following selling expenses.

Ending Inventory: Cost of good sold = beginning inventory + purchases – ending inventory.

Multiple-step income statement: A form of income statement that contains several sections, subsections, and subtotals.

Single-step income statement: A form of income statement that deducts the total of all expenses in one step from the total of all revenues. The single-step form emphasizes total revenues and total expenses in determining net income. A criticism of the single-step form is that gross profit and operating income are not reported.

Bank reconciliation: Analysis that details the items responsible for the difference between the cash balance reported in the bank statement and the cash balance in the ledger.
  • : Coins, currency (paper money), checks, money orders, and money on deposit available for unrestricted withdrawal from banks and other financial institutions. (Anything a bank would accept for deposit).

Accounts receivable:
Receivables created by selling stuff on credit. The most common transaction creating a receivable is selling stuff on account (on credit).

Direct write-off method records bad debt expense only when an account is determined to be worthless.

Days’ sales in receivables:
Estimate of the average number of days it takes to collect accounts receivable, = average daily sales / average accounts receivable.

Return on sales:
Profitability metric computed by dividing net/operating income by sales.

0 Comments

GLM's Core Values and Vision- Review

4/12/2021

0 Comments

 
It has been a while since we shared our vision. It is placed on the website 24/7 Here

Core Values & 
Integrity- Requires that we possess and steadfastly adhere to high moral principles and professional standards.
 
Excellence- Requires us to provide clients (both external and internal) with exceptional service and experience.  This means that our work product is of outstanding quality, meets delivery promises and provides value to our clients. 
 
Career Development/Continuous Improvement - Our professionals dedicate themselves to constantly improving client experiences.  As individuals we continuously learn new skills and improve existing skills and competencies.  As accounting, tax and consulting professionals we are committed and dedicated to our clients, the firm, and ourselves.
 
Work/Life Balance – We respect various work/life requirements of our people and strive to be sensitive and flexible to each individual case.  We work with our full time and part time employees to create a win-win arrangement for them and the firm.  We work to live rather than live to work.
 
Client Service – We are committed to providing timely, reliable responses and to nurture the relationship with our clients.  Our goal is to define, measure, understand, manage and improve client expectations and be able to align them with firm core values, goals and regulatory compliance.

​GLM Vision Statement

“Our vision is that GLM, Inc. will be recognized as the professional service organization that accomplished the ultimate balance between outstanding client service, a focus on family and the success of the firm. This will be accomplished by creating a culture of pride and passion that will enable us to continue attracting, training and retaining quality people, who will be rewarded, recognized and respected for their contributions to a firm that is founded on shared core values.”

GLM Mission Statement

​"GLM, Inc. is an accounting and consulting firm offering a broad range of services to meet the needs of our clients by fostering an environment that encourages personal and professional growth and a commitment to the firm’s core values. We will continue to be known in the community for delivering timely, quality, professional services through a multi-disciplinary approach.”
0 Comments

BeLocal- Schaumburg

4/5/2021

0 Comments

 
Picture
0 Comments

    GLM's Blog

    In true blog fashion, the last parts are at the top of the page. Scroll all the way down and work your way back up to read them in order. 

    Tom Gosche

    Tom is the Business Development Manager for GLM. If you are interested in learning more about GLM's services, contact him:

    630-675-8971
    tomg@goglm.com
    View my profile on LinkedIn

    Archives

    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015

    Categories

    All
    Business Growth
    Business Planning
    Business Valuation
    Buying A Business
    Covid 19 Business Help
    Covid-19 Business Help
    Expense Savings
    GLM Promotion
    Human Resources
    Matching Ideas With Resources Podcast
    Minimum Wage
    Overtime Rules
    Podcast
    Selling A Business
    Sick Time
    Steering Direction Podcast
    Succession Planning
    Tax Tips

    RSS Feed

Picture
GLM, Inc.
 
300 N. Martingale Rd., Suite 750
Schaumburg, IL 60173-2097
 
Phone: (847) 884-1781
Fax: (847) 884-1830
E-mail: info@glmfinancial.com
Website: www.goglm.com 

Picture
Picture
Proudly powered by Weebly